Common use of Other Proceeds Clause in Contracts

Other Proceeds. Any Project Proceeds resulting from a payment stream (such as loan payments on the Building Construction Loan) shall be deposited by the Authority in the Project Proceeds Account. Within forty-five (45) days of receipt of any Project Proceeds, the Authority shall complete and forward to DCCD a completed Project Proceeds Account Report in the form attached hereto as Exhibit F, and shall remit to DCCD any net Project Proceeds received by the Authority which have been deposited in the Project Proceeds Account. The Authority may retain any interest earned on the Project Proceeds while the Project Proceeds remain in the Project Proceeds Account. Any such Project Proceeds received by DCCD from the Authority shall then be deposited into the Multi-Count LGEDF Account. Any failure to maintain Project Proceeds in the Project Proceeds Account as prescribed herein, or failure by the Authority to complete and deliver the Project Proceeds Account Report to DCCD with the Project Proceeds shall constitute an Event of Default under this Agreement.